Overview of business in Myanmar

Recently opened after decades of isolation, Myanmar is a new target for growth in Southeast Asia. With a large population and vast areas of the economy that largely underdeveloped, Myanmar is almost a blank canvas for rapid expansion of its economy and companies involved in the country.

Official country name: Republic of the Union of Myanmar (Burma)

Capital: Naypyidaw

Total Area: 676,578 km²

Government: Unitary parliamentary constitutional republic

Currency: Kyat, K – MMK

Drives on the: right

Calling Code: +95

Internet TLD: .mm

Demographics

Population: 51,486,253 (2014 census)

Population Density: 76/km²

Official Languages: Burmese

HDI: 0.498 (low)

Ethnic Groups:

68% Bamar

9% Shan

7% Karen

4% Rakhine

3% Chinese

2% Indian

2% Mon

5% other

The Burmese business environment

To ensure the successful transition of the economy from state-controlled industries to freer markets, the government wants to attract investors to develop infrastructures and supply products and services to its population. After a historic opening of the country, the Myanmar government has cleverly maintained the country’s low taxes.

This new opening has generated a real estate boom, fueled by the increased arrival of tourists, expats and businessmen eager to doing business in Myanmar.

Key economic data of Myanmar

GDP (PPP): USD 311.074 Billion (2016 Estimate)

GDP per Capita (PPP): USD 5,953

GDP (Nominal): USD 68.277 Billion (2016 Estimate)

GDP per Capita (Nominal): USD 1,306

GDP Growth: 8.5% (2014 Estimate)

GDP by sector: (2014 Estimate)

agriculture: 37.1%

industry: 21.3%

services: 41.6%

Labor force: 32.53 Million (2011 Estimate)

Labor force by occupation: (2001)

agriculture 70%

industry 7%

services 23%

Unemployment: 37% (2012)

Inflation: 5.9% (2014 Estimate)

Main industries of Myanmar

agricultural processing

wood and wood products

copper, tin, tungsten, iron

cement, construction materials

pharmaceuticals

fertilizer

petroleum and natural gas

garments

jade and gems

Myanmar digital

Myanmar’s digital population is rapidly expanding as more and more people now have access to mobile and expanding telecommunications infrastructures.

Numbers of Internet, social media and mobile users in Myanmar in 2018

Myanmar trade data

With low trade volumes currently, Myanmar’s economic opening now sets the country’s towards important growth in the coming years.

Note: official export and import figures are underestimated and do not account for smuggling with neighboring countries.